DAX index is continuing its bullishness for 8th consecutive week after forming a bottom around 11703. The index was trading flat in this week between 12914 and 13045 for the past three trading session. US indices S&P 500…
DAX index is continuing its bullishness for 8th consecutive week after forming a bottom around 11703. The index was trading flat in this week between 12914 and 13045 for the past three trading session. US indices S&P 500 and Dow jones closed slightly positive yesterday with Dow jones 24768 (0.25% higher) and S&P500 2722 (0.41% higher). S&P500 futures is trading flat at 0.02% higher and is trading around 2723 0.03% higher. Asian stock indices trading slightly higher following footsteps of US markets.
The minor bullishness can be seen only if it breaks 13050 and any break above will take the index to next level till 13198 (78.6% fibo)/13387/13600.
On the lower side, near term major support is around 12690 (200- day MA) and any close below will drag the index till 12576 (55- day EMA)/12200 (61.8% fibo).
It is good to sell on rallies around 13000-13050 with SL around 13200 for the TP of 12580/12200.
